I came across the following in an excellent book about financial planning that I am reading, it’s called “Your clients for life”. I have adapted it slightly for South African conditions.
20’s: I CANT SAVE NOW. I’m just getting established. I have student loans to pay back, as well as a car loan. I’m not ready to make committments yet and I want to have fun while I can. There will be time to think about saving later on, then I will save
30’s: I CANT SAVE NOW. I’ve got family and responsibilities. It costs a lot to raise children and there is a bond on the house too. It takes all I have to make ends meet. When I am making more and the kids are older, then I will save.
40’s: I CANT SAVE NOW. I’ve got kids at varsity and the costs are out of sight. Then there are the weddings. I want to help the kids get started. Expenses are at their highest and it is the hardest time to save. But things will ease off soon and then I’ll save.
50’s: I CANT SAVE NOW. Things haven’t worked out like I thought they would. It’s not easy when you are locked in and there is no chance to move up the ladder at work. I cant just make a break and start a new career now. I’m helping the folks too, now that they need assistance. I’m just barely making ends meet. Something will open up and then, I’ll save.
60’s: I CANT SAVE NOW. I thought things would be better. I wanted to retire sooner but I just cant do it. I’m trying to pay off the last of the bond and take care of other bills but things just mount up. Remembering the grandchildren and other things takes all I have. I guess that’s the way it is. I wish I could save now.
70’s: I CANT SAVE NOW. I’m too old to save. Medical and long-term care expenses really scare me and my pension does not stretch far enough. I hate being such a burden on my kids. I wish I had saved when I should have.
